Australia's Cochlear dives 9 pct after profit warning

June 02, 2013|Reuters

SYDNEY, June 3 (Reuters) - Cochlear Ltd, theworld's biggest maker of hearing implants, fell more than 9percent at the opening of trade on Monday after it warned its2013 full-year net profit would fall as much as 18 percent.

Australia-based Cochlear said it now expected net profitafter tax in the range of A$130 million-A$135 million ($135.3million-$140.6 million), down from A$158.1 million a year ago,after it was hit by weaker sales in the second half and slowermarket growth in the United States.

Shares in Cochlear last traded at A$58.38, down 9.5 percent,at 0006 GMT.